(Reuters) – Sodexo reported on Tuesday results above expectations for the third quarter, but now said it was aimed at the “bottom of the range” for its annual objectives.

The catering services group recorded a turnover of 6.12 billion euros over the quarter, with internal growth of 3% over a year, while analysts were tabling on 6.11 billion euros, according to a consensus provided by the group.

Sodexo reiterates its annual objectives after lowering them in March, but specifies that its objectives are expected “at the bottom of the fork”.

“This implies a deterioration of organic growth in the fourth quarter and an underlying exit rate lower than consensual estimates for next year,” underline Jefferies analysts in a note.

The group aims for internal growth in turnover between 3% and 4% and an operating margin up +10 to +20 basic points, at constant rate.

On the North America market, a key for Sodexo, the group displays an internal growth of 1.2%, compared to 9% recorded a year earlier, penalized by weak growth in education.

On this subject, Sébastien de Tramaure, Sodexo financial director, explains during a press point that the slowdown in growth in North America is explained by “commercial performance which was a little disappointing last year” in education, and by an increase “university registrations as a little lower as expected on our portfolio of university customers.”

“Uncertainty” in the United States

Asked about the possible impacts of American President Donald Trump’s policies in the United States, Sébastien de Tramasure declares that reductions in federal aids and subsidies could impact university and health segments for the group.

“For the moment, we have not noticed an impact on our activities, but the fact remains that this climate of uncertainty is never positive,” he said.

“We are going to have a very precise look at the evolution of the situation in the United States.”

(Written by Etienne Breban and Dimitri Rhodes, edited by Augustin Turpin)

Copyright © 2025 Thomson Reuters